Co. Reg No: 198700034E MICA (P) : 099/03/2012 Regional

Acquisition 14 October 2013

Buy (unchanged) Del Monte Pacific Go Bananas!

Share price: SGD0.905 PHP30.0 Turning the tables with this transformational deal. While we Target price: SGD1.30 (from SGD1.05) foresaw brand consolidation globally, we were pleasantly surprised by PHP45.0 Del Monte Pacific’s (DMPL) ambition in agreeing to buy its original parents in the US, ’ consumer business, in a deal James KOH worth USD1.675b from its private-equity owners. This will change the [email protected] profile of DMPL dramatically, into a global foods company, owning one (65) 6432 1431 of the most iconic brands in the world. Reiterate BUY with higher TP.

We host DMPL for NDRs in Singapore (16 Oct) & HK (7 Nov). Stock Information Key Transaction Points. This is a leveraged buy-out, with USD930m Description: Del Monte engages in growing, processing, and selling canned and fresh , concentrate, of ring-fenced debt loaded onto the target business, and DMPL tropical mixed fruit and tomato-based products. These coughing up a further USD745m through a combination of equity/ debt products are sold under the brand names of Del Monte and financing. Based on latest financials, this works out to 9.4x EV/EBITDA S&W. (19x PER) which compares favorably to the most comparable recent Ticker: DELM SP transaction of Lucozade/ Ribena (13.5x EV/ EBITDA). Even in a bear Shares Issued (m): 1,296.6 case scenario, the transaction is significantly accretive. Market Cap (USD m): 941.8 3-mth Avg Daily Turnover (USD m): 0.3 ST Index: 3,179.71 We are positive on the synergies and long-term potential. We see a Free float (%): 33 good fit between the two entities, as they operate in different geographies. The target business is also a major customer for canned Major Shareholder: % Nutri-Asia 67 pineapples export. Synergies would likely come in the form of brand ownership and cost savings in certain productions. Furthermore, there are pockets of opportunities such as the US juice market, fruit-cups, US

Key Indicators Filipinos consumer for sauces and South America which is untapped. ROE 12.9 Execution risk exists, but significant upside for investors. Post- Net gearing (%): 68 BVPS/shr (USD): 0.20 transaction, the company will be highly-geared, although its stable Interest cover (x): 7.7 business nature mitigates repayment risk. We see upside given that

private equity owners have likely saddled additional cost, and put less

Historical Chart focus on the business since acquiring in 2011. For example, EBITDA in 2011 was USD241m, compared to USD178m in 2013. 1.00 DELM SP Equity Reiterate BUY. We expect the transaction to close by Feb 2014, given 0.90 that majority shareholder will vote in favor. Given this special 0.80 development, we take a longer-term view to account for gestation. Our

0.70 new TP of SGD1.30 is pegged to our base case scenario 15x FY15F combined entity profit to ordinary shareholders (see details next page). 0.60 Del Monte Pacific– Summary Earnings Table Source: Maybank KE 0.50 FY DEC (USD m) 2011 2012 2013F 2014F 2015F 0.40 Revenue 425.2 459.7 525.0 572.1 627.6 EBITDA 57.8 65.5 70.8 82.7 104.3 0.30 Recurring Net Profit 27.4 32.1 33.9 43.2 59.0 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Recurring EPS (USD cents) 2.1 2.5 2.6 3.3 4.6 DPS (USD cents) 1.9 2.2 2.0 2.5 3.4 Performance: PER (x) 32.2 27.5 26.1 20.5 15.0 52-week High/Low SGD0.96/SGD0.40 EV/EBITDA (x) 16.8 15.2 14.2 11.8 9.3 Div Yield (%) 2.8 3.3 2.9 3.7 5.0 1-mth 3-mth 6-mth 1-yr YTD P/BV (x) 3.2 2.9 3.3 3.2 3.1 ROE (%) 11.6 12.5 12.9 15.7 20.4 Absolute (%) 14.6 7.1 19.1 126.3 76.6 ROA (%) 6.5 6.5 6.5 7.8 10.1 Relative (%) 12.0 9.4 23.9 115.8 75.9 Consensus Net Profit 34.3 43.4 59

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS Del Monte Pacific

Key Transaction Points:

- DMPL agrees to buy the entire branded consumer business of Del Monte Foods, currently owned by KKR, Vestar and Centerview (private-equity owners).

- Total purchase consideration paid to private-equity owners is USD1.675b, funded by USD745m from DMPL and USD930m debt assumed on target business.

- For fiscal year ended 30 April 2013, the target business had sales of USD1.83b, adjusted EBITDA of USD178m and net profit of USD135m.

Valuation compares - Valuation of 9.4x EV/EBITDA and 19x PER favorably to most recent transaction of Suntory, - For the USD745m equity portion, DMPL will use a combination of Lucozade/ Ribena preference shares, new common shares, internal borrowings and a loan from majority shareholder, NutriAsia. (see Figure 1).

- Guarantees in place with various institutions for funding, although the exact prices/ rates will be confirmed at a later date.

- Transaction to close by 28 Feb 2014, after an EGM in the meantime. A simple majority is required and NutriAsia has already undertaken to vote in favor.

- Target business to be managed under separate platform, with a CEO already identified. Key suppliers and business relationships will be maintained, with no disruption expected.

Figure 1: Transaction funding details

Total Cost paid consisting of: 1675 Company existing credit lines 80 Preference shares 350 New common shares 150 Major shareholder loan 165 Equity portion 745 Debt financing at target company level 930 Source: Company

Figure 2: Our estimates on combined entity The transaction is accretive immediately USD m Del Monte Pacific FY14F Acquired Business Combined entity Remarks Sales 572.0 1830 2340.3 DMPL supplied around USD62m to Del Monte Foods Recurring EBITDA 82.7 178 260.7 Acquired business historical EBITDA USD178m DMPL based on FY13F estimate, Acquired based on Depreciation & amort (19.8) (43.0) (62.8) historical DMPL based on FY13F estimate, Acquired based on Interest Exp (5.0) 0.0 (5.0) historical New Interest Exp (11.6) (80.3) (91.8) PBT 51.4 54.8 106.1 Tax (11.8) (19.2) (31.0) DMPL based on 23%, Acquired based on 35% Recurring net profit 39.5 35.6 75.1 Preference shares dividend @7% 350.0 (24.5) Net profit to ord shareholders 50.6 Source: Company, Maybank KE

14 October 2013 Page 2 of 14 Del Monte Pacific

Figure 3: Our estimates on debt cost and post-transaction valuations for combined entity Debt cost estimate Total (USD m) Estimated % Estimated cost (USD m) Existing credit line 80 2% (1.6) Shareholders loan 165 3.0% (5.0) Debt financing 930 7.5% (69.8) Working capital loan 350 3% (10.5)

Current Shareprice (SGD) 0.905 Equity financing (USD m) 150 Exchange rate 1.25 New Shares (m) 207.2 Previous number of shares (m) 1297.0 Total Shares (m) 1504.2 Market cap (SGD m) 1361.3 Market cap (USD m) 1089.0

Post transaction PER 21.5 Post transaction EV/ EBITDA 10.6 Source: Company, Maybank KE Figure 4: Our Gearing analysis

Gearing analysis Del Monte Pacific FY14F estimated net debt 142 Consolidated new total debt 1667 Del Monte Pacific FY14F estimated equity 275 New equity post transaction 775 New Net-Debt/ Equity 2.2 Interest Cover 3.5 Net debt/ EBITDA 6.4 EBITDA/ Interest Expense 2.8 Source: Company, Maybank KE

#1 market share in Del Monte Foods background. The Del Monte brand has its origins in packaged fruit and California, the United States, in 1892 although by 1990, private equity vegetable categories firm KKR broke up the brand, resulting in a number of unaffiliated Del Monte companies with perpetual ownership of the brand in their #2 in packaged tomato respective market/ product category. The “original” parent, Del Monte and broth categories Foods owned the rights to the Del Monte brand for processed food in the US and South America in their consumer food business but also had a pet food business. It is one of the largest producers, distributors and markets of branded pet products and food products in the US.

Figure 5: Del Monte brand ownership globally

Note: The above map is for processed food. For fresh produce, Fresh Del Monte (Europe) owns the rights globally.

Source: Company

14 October 2013 Page 3 of 14 Del Monte Pacific

Figure 6: FY13 revenue breakdown, Del Monte Foods Figure 7: Sales breakdown, Acquired consumer business Pet Products however generated more than 70% of profit Significant gap in products such as juices Broth 9%

Canned Tomato Consumer 17% Products 48% Canned Fruit Pet Products 42% 52%

Canned Veg 32%

Source: Company filings, Maybank KE Source: Company, Maybank KE

Figure 8: Sales breakdown, Acquired consumer business Figure 9: Sales breakdown by brand, Acquired consumer Largely a domestic business despite owning Del Monte brand in business South America Other than Del Monte, DMPL also gains other valuable brands Export Others 5% 13% S&W College Inn 2% 4% Contadina 4%

Del Monte US 77% 95%

Source: Company, Maybank KE Source: Company, Maybank KE

Private equity owners sold Transaction background. In 2011, private-equity owners, again led by to concentrate on Pet KKR took Del Monte Foods private in a deal worth USD5.3b, including Products business debt of USD1.3b. Their focus however, was on the pet products business, which had higher margins and faster growth in the US. The branded food business was subsequently put up for bidding, which DMPL won. We understand the bidding was very competitive, with the likes of ConAgra Foods and Fresh Del Monte likely interested. DMPL were provided preliminary discussions and presentations prior to the bid and will now do formal due diligence and have more extensive discussions with the business managers.

Figure 10: Del Monte Foods, a wide range of products in Figure 11: Del Monte Foods, a wide range of products in fruits, fruits, vegetables sauces vegetables and sauces

Source: Company Source: Company

14 October 2013 Page 4 of 14 Del Monte Pacific

Both revenue and cost Key synergies. We see a good fit, given that both companies operate synergies expected in different geographies, despite some similarities in products. There are likely to be both revenue and cost synergies. On the revenue front, we see products from the US which could be sold in existing markets and vice-versa. There would also be benefits to idea-sharing in marketing and branding, which will help drive sales. Management also expects to benefit from the large untapped market of Filipinos residing in the US which are buying sauces from exporters.

On the cost front, Del Monte Pacific is already a supplier to the target business for canned pineapples and concentrates. Its 23,000 hectare plantation can also be used for other fruits. There are also some overhead administrative cost-savings to be expected.

Pockets of opportunities for There are still avenues for growth. Management also identified growth despite mature several avenues for the target business to grow. This includes fruit and market status vegetable juices, which is a significant market that it has not participated in, even though it is a byproduct in some of its production. The plastic fruit-cup business is a new growing trend, and DMPL is already a supplier. The fresh fruit business can be grown using the S&W brand which it owns. South America in particular is also a sizeable market which the target business has no significant presence despite owning the Del Monte brands there.

Figure 12: US market (USD m) for canned fruits, vegetables Figure 13: Latin America market (USD m) for canned fruits, and tomatoes vegetables and tomatoes A mature market, growth driven mostly by canned vegetables A fast growing market which the company can participate in 4700 6711 4483 1.7% CAGR 4290 3989 4133 6497 3729 6373 4.7% CAGR 6226 6156 6101

2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017

Source: Euromonitor, Maybank KE Source: Euromonitor, Maybank KE

Upside for shareholders. We see upside given that private equity owners have likely saddled additional cost, and put less focus on the business since acquiring in 2011. For example, in just two years since taking over, EBITDA has declined significantly from USD241m to USD178m even while revenues remain flattish. Management expects to be able to return margins to FY11 levels within 2-3 years. In addition, they also target revenue growth, which will add another boost to profit.

14 October 2013 Page 5 of 14 Del Monte Pacific

Figure 14: Acquired Consumer Food Business Historical Figures April YE Results have declined over the last two years since private-equity owners took over USDm FY11 FY12 FY13 Net Sales 1,881 1,814 1,830 Cost of Goods Sold (1,414) (1,402) (1,407) Gross Profit 467 412 424 Operating expenses (127) (124) (147) SG&A (139) (132) (144) Other income/ expenses 1 1 2 Operating Income 202 157 135 Depreciation & Amort 46 44 43 Adjustments for Non-recurring items (6) 1 0 Adjusted EBITDA 241 202 178

Source: Company

DMPL needs to add value in Execution risk, DMPL needs to add value. As with most M&A order for transaction to be truly accretive activities, execution would be a key risk, although in this case, management has a good track record of managing F&B businesses as can be seen by the improvement in DMPL since NutriAsia took over in 2006. However, based on our estimated transaction parameters, we believe DMPL would need to add value to the acquired business in order for the transaction to be truly accretive.

High-gearing concerns mitigated by stable cash flow. Post- transaction, we recognize that the company will be highly-geared, although its stable business nature mitigates repayment risk. Upon combination, we estimate interest cover at around 3.5x. We view the ability for the acquired business to secure USD930m long-term debt as a positive sign that banks view the business as low-risk and are confident of its cash flows.

Figure 15: Our Case Scenarios: Bear Case assumes acquired business remains in current state even by FY15 Base Case assumes acquired business margins revert to 2011 levels with no revenue growth Bull Case assumes acquired business margins revert to 2011 levels, with 15% revenue growth during this period Case Scenarios in FY15F Target business Target business Target business Target Business (USD m) Bear Base Bull Revenue 1,830.0 1,830.0 2104.5 EBITDA 178.0 241.0 277.2 Depreciation (43.0) (46.0) (48.3) Interest Expense (80.3) (80.3) (80.3) PBT 54.8 114.8 148.6 Tax (19.2) (40.2) (52.0) Net Income 35.6 74.6 96.6 Del Monte Pacific Revenue 627.6 627.6 627.6 EBITDA 104.3 104.3 104.3 Depreciation (20.8) (20.8) (20.8) Interest Expense (11.6) (11.6) (11.6) PBT 72.0 72.0 72.0 Tax (16.5) (16.5) (16.5) Net Income 55.4 55.4 55.4 Combined Entity Revenue 2,457.6 2,457.6 2,732.1 EBITDA 282.3 345.3 381.5 Depreciation (63.8) (66.8) (69.1) Interest Expense (91.8) (91.8) (91.8) PBT 126.7 186.7 220.6 Tax (35.7) (56.7) (68.6) Net Income 91.0 130.0 152.0 Dividend to preference shares at 7% (24.5) (24.5) (24.5) Profit to ordinary shareholders 66.5 105.5 127.5 Total new shares (m) 1504.2 1504.2 1504.2 Ordinary EPS (USD) 4.4 7.0 8.5 Source: Company, Maybank KE

14 October 2013 Page 6 of 14 Del Monte Pacific

Figure 16: Peer comparison Blbg Share Target Market PER 3-yr EPS EV/EBITDA ROE Div yield

Code Rating price Price cap 2013E 2014E 2015E CAGR (%) 2013E 2013E 2014E 2013E

(lcl curr) (lcl curr) (USD m) (x) (x) (x) 12-15E (x) (%) (%) (%)

ASEAN F&B SUPER GROUP SUPER SP Buy 4.05 6.00 1,811 21.8 19.0 16.6 20 15.4 21 21 2.7 YEO HIAP SENG YHS SP Hold 2.53 2.55 1,165 25.3 45.2 36.1 (14) 17.9 8 4 0.6 DEL MONTE PACIFIC DELM SP Buy 0.91 1.30 942 27.6 21.8 15.6 24 19.4 13 16 2.8 PETRA FOODS PETRA SP NR 3.59 NA 1,759 35.1 25.6 23.0 40 19.5 14 17 1.2 NESTLE (MYR) NESZ MK Hold 67.80 62.00 5,000 28.8 26.1 22.6 12 19.7 71 75 3.3 OLD TOWN OTB MK Buy 2.57 3.55 293 16.8 14.6 12.4 8 9.9 17 18 3.3 DUTCH LADY MILK DLM MK NR 46.70 NA 940 23.6 21.9 NA NA 16.0 58 63 5.5 INDOFOOD CBP ICBP IJ NR 11,100 NA 5,695 26.0 23.3 20.5 13 16.3 19 19 1.7 NIPPON INDOSARI ROTI IJ NR 6,350 NA 566 34.4 27.0 20.5 28 21.3 19 18 0.6 ULTRAJAYA ULTJ IJ NR 4,600 NA 1,169 NA NA NA NA NA NA NA NA MAYORA INDAH MYOR IJ NR 31,900 NA 2,152 30.1 25.8 20.8 17 16.1 22 22 0.7 CHAROEN POKPHAND CPF TB Hold 24.90 26.70 6,168 22.8 18.3 13.1 (9) 26.5 8 9 2.0 MALEE SAMPRAN MALEE TB Buy 36.50 44.00 163 11.7 8.9 7.0 (6) 8.2 37 33 3.4 THAI UNION FROZEN TUF TB Buy 58.00 52.00 2,129 20.6 13.6 10.9 8 15.0 8 12 2.1 THAI PRESIDENT TF TB NR 171.00 NA 985 NA NA NA NA NA NA NA NA SERMSUK SSC TB NR 106.50 NA 906 NA NA NA NA NA NA NA NA PRESIDENT BAKERY PB TB NR 43.00 NA 619 NA NA NA NA NA NA NA NA OISHI GROUP OISHI TB NR 94.25 NA 565 21.0 13.2 7.6 52 14.4 23 30 2.5 UNIVERSAL ROBINA URC PM Buy 121.00 154.00 6,119 30.5 26.1 22.6 14 19.1 19 20 1.9 SAN MIGUEL PF PF PM Buy 239.00 310.00 923 12.8 12.7 6.7 18 6.1 9 10 2.0 PEPSI-COLA (PHIL) PIP PM Buy 4.61 6.05 395 18.4 16.5 12.4 17 6.5 14 14 1.5 RFM CORP RFM PM Buy 5.20 6.05 381 19.3 14.9 NA NA NA 9 10 1.2 VIETNAM DAIRY VNM VN Buy 140,000 148,000 5,530 16.6 14.9 12.1 18 13.5 34 34 2.4 KINH DO CORP KDC VN NR 51,500 NA 403 17.8 16.2 13.4 13 8.3 10 11 3.9 Average 23.1 20.3 16.3 15.3 15.2 5.0 21.7 22.7 2.3

Global F&B DEL MONTE FRESH FDP US NR 29.88 NA 1,655 14.1 12.7 NA NA 8.6 NA NA NA DOLE FOOD DOLE US NR 13.66 NA 1,234 26.0 19.1 14.8 23 10.1 NA NA - CAMPBELL CPB US NR 40.88 NA 12,817 15.5 15.7 14.8 4 10.6 67 52 3.0 KELLOGG K US NR 60.76 NA 22,022 16.1 14.9 13.9 9 11.2 37 36 2.9 MONDELEZ MDLZ US NR 30.85 NA 54,935 19.9 17.9 16.2 11 13.1 8 9 1.7 TYSON FOODS TSN US NR 29.76 NA 10,482 13.3 10.4 9.5 18 6.5 13 14 0.7 HERSHEY HSY US NR 93.95 NA 20,969 25.3 22.9 20.8 12 14.3 61 56 1.9 CONAGRA FOODS CAG US NR 30.85 NA 13,015 13.3 12.0 10.6 10 9.5 17 17 3.2

Average 17.9 15.7 14.4 12.5 10.5 33.9 30.4 1.9 Source: Bloomberg

14 October 2013 Page 7 of 14 Del Monte Pacific

Figure 17:PER band since 2008 Figure 18:P/BV band since 2008

P/E (x) P/B (x) 70.0 4.5

60.0 4.0

50.0 3.5

40.0 3.0 +σ = 34.7x +σ = 2.8x

30.0 2.5 Mean = 20.5x Mean = 2.1x 20.0 2.0

10.0 -σ = 6.3x 1.5 -σ = 1.5x 0.0 1.0 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13

Source: Bloomberg, Maybank KE Source: Bloomberg, Maybank KE

Figure 19: Del Monte Pacific – revenue breakdown by Figure 20: Del Monte Philippines – revenue breakdown by segment, FY12 segment, FY12 Others 2% Processed Fruits 20%

OEM Culinary 30% 40% Del Monte in Philippines 60% Beverage 40% S&W in Asia 8%

Source: Company, Maybank KE Source: Company, Maybank KE

Figure 21: Del Monte companies across the world Company Sales/Profit Location Nature of business Listing status Majority shareholders Del Monte Canada NA Canada Del Monte branded packaged Nil ConAgra Foods purchased the fruits and vegetables, Aylmer tomato company from Sun Capital Partners in products. 2012. Del Monte Foods FY12: Revenue of USD3.7b USA One of the largest producers, Nil Bought by KKR, Vestar Capital and and operating income of distributors and marketers of branded Centerview in 2011, in a deal worth USD370m. pet products and food products. Also USD5.3b including debt of USD1.3b. owns the rights to S&W in the US. Fresh Del Monte FY12: Revenue of USD3.4b Europe A vertically integrated producer, Listed on NYSE, with Abu-Ghazaleh family 26%, and net income of USD145m. marketer and distributor of fresh fruit a market cap of Fidelity 12.5%. and vegetables globally and prepared USD1.6b. food in Europe, and the Middle East. Del Monte Asia (sub FY12: Revenue of USD3.6b Asia Kikkoman primarily manufactures and Kikkoman is listed on Kikkoman Corp 4.9%. of Kikkoman) and income of USD114.5m. Del markets tomato-based goods and TSE with a market Monte division contributed canned fruits and vegetables. cap of USD3.4b. sales of USD409m and op income of USD82m. Del Monte Pacific FY12: Revenue of USD460m Asia Owns the rights to Del Monte in Listed on SGX, with NutriaAsia 67%. and net income of USD32m. the Philippines, India and Myanmar. secondary listing in Also owns the rights the Philippines, with to S&W outside of the US. a market cap of USD0.8b. Source: Bloomberg, Companies, Maybank KE

14 October 2013 Page 8 of 14 Del Monte Pacific

Appendix: Colourful ownership history

*Underlined represents directly related to DMPL

1979: Tobacco giant R.J. Reynolds acquired Del Monte Foods. 1983: Biscuit-maker Nabisco bought R.J. Reynolds, becoming RJR Nabisco. 1990: Kohlberg Kravis Roberts (KKR) took over Nabisco-RJR in the biggest leverage buyout at the time and subsequently sells former Del Monte Corporation units separately, breaking them up into Del Monte Foods and Del Monte Fresh Produce. Kikkoman gained the exclusive marketing rights to the Del Monte brand in all of Asia excluding the Philippines. 1991: Del Monte Foods divested 49.9% of Del Monte Philippines to Kikkoman (15%) and to Europe-based Del Monte International (35%). 1996: Del Monte Foods and Kikkoman divested their entire interest in Del Monte Philippines. Philippine-based MCI and Del Monte International became joint controlling shareholders of Del Monte Philippines. 1996: Fresh Del Monte Produce acquired by IAT Group. 1997: Fresh Del Monte Produce begins trading on the NYSE. 1997: Private equity TPG Group purchases Del Monte Foods. 1999: Del Monte Foods begins trading on the NYSE. 1999: DMPL was incorporated as a holding company for the Del Monte Philippines business and listed on the SGX. Both MCI and Del Monte International (Europe) became joint major shareholders with 37.5% stake each. 2001: Del Monte International (Europe) was bought by Italy-based CirioSpA. CirioSpA subsequently increased its stake in DMPL to 40%. 2004: CirioSpA became insolvent and was broken up. Fresh Del Monte bought Del Monte International (Europe) from CirioSpA. 2005: CirioSpA’s stake in DMPL was sold to MCI, which in turn sold its 50% stake to San Miguel-Nutri-Asia, a JV vehicle where Nutri-Asia held 58%. The JV completed a general offer and held an 85% stake in DMPL. 2007: San Miguel sold its 42% stake in the JV to Nutri-Asia, resulting in the latter being the sole majority shareholder of DMPL. 2011: KKR, Vestar and Centerview completed acquisition of Del Monte Foods, taking it private once again. 2012: ConAgra Foods completed its acquisition of Del Monte Canada from Sun Capital Partners.

14 October 2013 Page 9 of 14 Del Monte Pacific

PROFIT AND LOSS (SGD m) CASH FLOW (SGD m) YE Dec 2011 2012 2013F 2014F 2015F YE Dec 2011 2012 2013F 2014F 2015F

Sale 425.2 459.7 525.0 572.1 627.6 Operating cash flow 38.1 19.5 39.6 43.2 57.3 Cost of sales (323.8) (346.9) (398.4) (434.2) (465.5) Pretax profit 26.6 31.6 42.2 55.9 77.2 Gross Profit 101.4 112.8 126.6 137.9 162.1 Depreciation & amortization 13.5 15.7 17.8 19.8 20.8 SG&A (57.1) (62.9) (73.5) (75.0) (78.7) Share of JV/ assoc 10.6 6.1 4.0 2.0 1.0 Operating Profit 44.3 49.9 53.0 62.9 83.4 Change in working capital (18.6) (46.2) (15.6) (21.3) (23.0) Net Finance cost (1.6) (3.1) (6.8) (5.0) (5.3) Others 6.0 12.4 (8.8) (13.2) (18.7) JV/ Associates (10.6) (6.1) (4.0) (2.0) (1.0) Investment cash flow (19.0) (20.1) (25.0) (25.0) (20.0) Pretax income 32.1 40.7 42.2 55.9 77.2 Net capex (18.4) (17.1) (25.0) (25.0) (20.0) Income taxes (5.5) (9.1) (8.8) (13.2) (18.7) Other investments (1.1) (3.6) 0.0 0.0 0.0 Minority 0.9 0.5 0.5 0.5 0.5 Others 0.5 0.6 0.0 0.0 0.0 Reported Net profit 27.4 32.1 33.9 43.2 59.0 Financing cash flow (15.7) (5.0) (14.1) (18.2) (37.3) Net profit (recurring) 27.4 32.1 33.9 43.2 59.0 Dividends (16.8) (23.4) (25.4) (32.4) (44.2) EPS (USD cent) 2.1 2.5 2.6 3.3 4.6 Net change in debt 7.1 22.5 11.3 14.2 7.0 EBITDA 57.8 65.5 70.8 82.7 104.3 Issue of shares (1.8) 0.0 0.0 0.0 0.0 Others (4.1) (4.1) 0.0 0.0 0.0 Net cash flow 3.4 (5.6) 0.4 0.0 0.0 Free cash flow 19.1 (0.6) 14.6 18.2 37.3

BALANCE SHEET (SGD m) KEY RATIOS (SGD m) YE Dec 2011 2012 2013F 2014F 2015F YE Dec 2011 2012 2013F 2014F 2015F

Total assets 417.4 495.5 523.0 556.8 586.2 Growth (% YoY) Current assets: 278.5 350.1 374.3 404.9 436.1 Sales 12.3 8.1 14.2% 9.0% 9.7% Cash 20.9 24.6 25.0 25.0 25.0 Operating Profit 46.1 12.6 6.4% 18.6% 32.6% Inventories 82.9 113.5 114.6 124.9 133.9 EBITDA 37.8 13.3 8.1% 16.8% 26.0% Recievables 82.9 102.4 115.1 125.4 137.6 Net Profit (recurring) 73.6 16.9 5.7% 27.4% 36.6% Bio assets 91.8 109.7 119.7 129.7 139.7 EPS 73.8 16.9 5.5% 27.4% 36.6% Long-term assets: 138.9 145.5 148.7 151.9 150.0 Profitability (%) PPE 85.4 93.4 101.2 106.9 106.6 Operating margin 10.4 10.8 10.1% 11.0% 13.3% JV/ Associates 24.0 21.5 17.5 15.5 14.5 EBITDA margin 13.6 14.3 13.5% 14.5% 16.6% Intangibles 16.0 15.4 14.9 14.3 13.7 Net profit margin 6.5 7.0 6.5% 7.5% 9.4% Others 13.5 15.2 15.2 15.2 15.2 ROA 6.5 6.5 6.5% 7.8% 10.1% Total liabilities 194.8 242.2 261.8 285.2 300.3 ROE 11.6 12.5 12.9% 15.7% 20.4% Current liabilities: 188.9 226.5 246.8 270.2 285.3 Stability Payables 81.3 95.5 103.7 113.0 121.2 Gross debt/equity (%) 48.1 55.5 58.0% 60.9% 60.2% ST Borrowings 105.0 125.9 137.9 152.1 159.0 Net debt/equity (%) 39.1 45.9 48.5% 51.8% 51.5% Others 2.6 5.2 5.2 5.2 5.2 Int. coverage (X) 27.7 16.3 7.7 12.5 15.8 Long-term liabilities 5.9 15.7 15.0 15.0 15.0 Int. & ST debt coverage (X) 0.4 0.4 0.4 0.4 0.5 Long-term borrowings 5.9 15.7 15.0 15.0 15.0 Cash flow int. coverage (X) 2.1 -1.8 0.1 0.0 0.0 Others 0.0 0.0 0.0 0.0 0.0 Cash flow int. & ST debt (X) 0.0 0.0 0.0 0.0 0.0 Shareholder's equity 230.5 255.2 263.7 274.5 289.3 Current ratio (X) 1.5 1.5 1.5 1.5 1.5 Quick ratio (X) 1.0 1.0 1.1 1.0 1.1 Net debt/(cash) (USD m) 90.0 117.0 127.9 142.1 149.0 Per share data (USD cents) EPS 2.5 3.0 2.6 3.3 4.6 CFPS 1.8 (0.1) 1.1 1.4 2.9 BVPS 21.4 23.7 20.3 21.2 22.3 SPS 39.4 42.6 40.5 44.1 48.4 EBITDA/share 5.4 6.1 2.6 3.3 4.6 DPS 1.9 2.2 2.0 2.5 3.4

Source: Company, Maybank KE

14 October 2013 Page 10 of 14 Del Monte Pacific

RESEARCH OFFICES REGIONAL ECONOMICS WONG Chew Hann, CA Suhaimi ILIAS JUNIMAN Regional Head, Institutional Research Chief Economist Chief Economist, BII (603) 2297 8686 [email protected] . Singapore | Malaysia . Indonesia (603) 2297 8682 [email protected] (62) 21 29228888 ext 29682 [email protected] Alexander GARTHOFF Institutional Product Manager Luz LORENZO Josua PARDEDE (852) 2268 0638 [email protected] . Philippines Economist / Industry Analyst, BII (63) 2 849 8836 [email protected] . Indonesia ONG Seng Yeow Regional Head, Retail Research Tim LEELAHAPHAN (62) 21 29228888 ext 29695 [email protected] (65) 6432 1453 [email protected] . Thailand (662) 658 1420 [email protected]

MALAYSIA SINGAPORE THAILAND WONG CHEW HANN, CA Head of Research Gregory YAP Head of Research Sukit UDOMSIRIKUL Head of Research (603) 2297 8686 [email protected] (65) 6432 1450 [email protected] (66) 2658 6300 ext 5090 . Strategy . Technology & Manufacturing [email protected] DESMOND CH’NG, ACA . Telcos Maria LAPIZ Head of Institutional Research (603) 2297 8680 [email protected] Wilson LIEW Dir (66) 2257 0250 | (66) 2658 6300 ext 1399 . Banking & Finance (65) 6432 1454 [email protected] [email protected] LIAW THONG JUNG . Property Developers . Consumer/ Big Caps (603) 2297 8688 [email protected] James KOH . Oil & Gas – Regional (65) 6432 1431 [email protected] Mayuree CHOWVIKRAN . Shipping . Consumer - Regional (66) 2658 6300 ext 1440 [email protected] ONG CHEE TING, CA YEAK Chee Keong, CFA . Strategy (603) 2297 8678 [email protected] (65) 6432 1460 [email protected] Padon Vannarat . Plantations – Regional . Offshore & Marine (66) 2658 6300 ext 1450 [email protected] MOHSHIN AZIZ Alison FOK . Strategy (603) 2297 8692 [email protected] (65) 6432 1447 [email protected] Surachai PRAMUALCHAROENKIT . Aviation – Regional . Small & Mid Caps (66) 2658 6300 ext 1470 [email protected] . Petrochem . Construction . Auto YIN SHAO YANG, CPA ONG Kian Lin . Conmat (603) 2297 8916 [email protected] (65) 6432 1470 [email protected] . Contractor . Gaming – Regional . S-REITs . Steel . Media Wei Bin Suttatip PEERASUB TAN CHI WEI, CFA (65) 6432 1455 [email protected] (66) 2658 6300 ext 1430 [email protected] (603) 2297 8690 [email protected] . Commodity . Media . Power . Logistics . Commerce . Telcos . S-chips Sutthichai KUMWORACHAI WONG WEI SUM, CFA Derrick HENG (66) 2658 6300 ext 1400 [email protected] (603) 2297 8679 [email protected] (65) 6432 1446 [email protected] . Energy . Property & REITs . Transport (Land, Shipping & Aviation) . Petrochem LEE YEN LING John CHEONG Termporn TANTIVIVAT (603) 2297 8691 [email protected] (65) 6432 1461 [email protected] (66) 2658 6300 ext 1520 [email protected] . Building Materials . Small & Mid Caps . Property . Glove producers . Healthcare Woraphon WIROONSRI (66) 2658 6300 ext 1560 [email protected] CHAI LI SHIN INDONESIA . Banking & Finance (603) 2297 8684 [email protected] Lucky ARIESANDI, CFA Jaroonpan WATTANAWONG . Plantation (62) 21 2557 1127 [email protected] (66) 2658 6300 ext 1404 [email protected] . Construction & Infrastructure . Base metals . Transportation KANG CHUN EE . Mining . Small cap. (603) 2297 8675 [email protected] . Oil & Gas Chatchai JINDARAT . Consumer . Wholesale (66) 2658 6300 ext 1401 [email protected] IVAN YAP Pandu ANUGRAH . Electronics (603) 2297 8612 [email protected] (62) 21 2557 1137 [email protected]

. Automotive . Automotive LEE Cheng Hooi, Regional Chartist . Heavy equipment VIETNAM (603) 2297 8694 [email protected] . Plantation Nguyen Thi Ngan Tuyen Tee Sze Chiah, Head of Retail Research . Toll road (84) 844 55 58 88 x 8081 [email protected] (603) 2297 6858 [email protected] Rahmi MARINA . Food and Beverage . Oil and Gas HONG KONG / CHINA (62) 21 2557 1128 [email protected] . Banking Hang Vu Howard WONG Head of Research . Multifinance (84) 844 55 58 88 x 8087 [email protected] 852) 2268 0648 [email protected] Adi N. WICAKSONO . Banking . Oil & Gas - Regional (62) 21 2557 1128 [email protected] Trinh Thi Ngoc Diep Alexander LATZER . Generalist (84) 844 55 58 88 x 8242 [email protected] (852) 2268 0647 [email protected] Anthony YUNUS . Technology . Metals & Mining - Regional (62) 21 2557 1139 [email protected] . Utilities Jacqueline KO, CFA . Cement . Construction (852) 2268 0633 [email protected] . Infrastructure Dang Thi Kim Thoa . Consumer . Property (84) 844 55 58 88 x 8083 [email protected] Terence LOK . Consumer (852) 2268 0630 [email protected] PHILIPPINES Nguyen Trung Hoa . Consumer Luz LORENZO Head of Research (84) 844 55 58 88 x 8088 [email protected] Jeremy TAN (63) 2 849 8836 [email protected] . Steel (852) 2268 0635 [email protected] . Strategy . Sugar . Gaming Laura DY-LIACCO . Resources Karen KWAN (63) 2 849 8840 [email protected] (852) 2268 0640 [email protected] . Utilities . HK & China Property . Conglomerates Philip TSE . Telcos (852) 2268 0643 [email protected] Lovell SARREAL . HK & China Property (63) 2 849 8841 [email protected] Warren LAU . Consumer (852) 2268 0644 [email protected] . Media . Technology – Regional . Cement

INDIA Luz LORENZO (63) 2 849 8836 [email protected] Jigar SHAH Head of Research . Conglomerates (91) 22 6623 2601 [email protected] . Property . Oil & Gas . Ports/ Logistics . Automobile . Gaming . Cement Katherine TAN Anubhav GUPTA (63) 2 849 8843 [email protected] (91) 22 6623 2605 [email protected] . Banks . Metal & Mining . Construction . Capital goods Ramon ADVIENTO . Property (63) 2 849 8845 [email protected] Urmil SHAH . Mining (91) 22 6623 2606 [email protected] . Technology . Media

14 October 2013 Page 11 of 14 Del Monte Pacific

APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLAIMERS AND DISCLOSURES

DISCLAIMERS This research report is prepared for general circulation and for information purposes only and under no circumstances should it be considered or intended as an offer to sell or a solicitation of an offer to buy the securities referred to herein. Investors should note that values of such securities, if any, may fluctuate and that each security’s price or value may rise or fall. Opinions or recommendations contained herein are in form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from the relevant jurisdiction’s stock exchange in the equity analysis. Accordingly, investors’ returns may be less than the original sum invested. Past performance is not necessarily a guide to future performance. This report is not intended to provide personal investment advice and does not take into account the specific investment objectives, the financial situation and the particular needs of persons who may receive or read this report. Investors should therefore seek financial, legal and other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or recommended in this report. The information contained herein has been obtained from sources believed to be reliable but such sources have not been independently verified by Maybank Investment Bank Berhad, its subsidiary and affiliates (collectively, “MKE”) and consequently no representation is made as to the accuracy or completeness of this report by MKE and it should not be relied upon as such. Accordingly, MKE and its officers, directors, associates, connected parties and/or employees (collectively, “Representatives”) shall not be liable for any direct, indirect or consequential losses or damages that may arise from the use or reliance of this report. Any information, opinions or recommendations contained herein are subject to change at any time, without prior notice. This report may contain forward looking statements which are often but not always identified by the use of words such as “anticipate”, “believe”, “estimate”, “intend”, “plan”, “expect”, “forecast”, “predict” and “project” and statements that an event or result “may”, “will”, “can”, “should”, “could” or “might” occur or be achieved and other similar expressions. Such forward looking statements are based on assumptions made and information currently available to us and are subject to certain risks and uncertainties that could cause the actual results to differ materially from those expressed in any forward looking statements. Readers are cautioned not to place undue relevance on these forward-looking statements. MKE expressly disclaims any obligation to update or revise any such forward looking statements to reflect new information, events or circumstances after the date of this publication or to reflect the occurrence of unanticipated events. MKE and its officers, directors and employees, including persons involved in the preparation or issuance of this report, may, to the extent permitted by law, from time to time participate or invest in financing transactions with the issuer(s) of the securities mentioned in this report, perform services for or solicit business from such issuers, and/or have a position or holding, or other material interest, or effect transactions, in such securities or options thereon, or other investments related thereto. In addition, it may make markets in the securities mentioned in the material presented in this report. MKE may, to the extent permitted by law, act upon or use the information presented herein, or the research or analysis on which they are based, before the material is published. One or more directors, officers and/or employees of MKE may be a director of the issuers of the securities mentioned in this report. This report is prepared for the use of MKE’s clients and may not be reproduced, altered in any way, transmitted to, copied or distributed to any other party in whole or in part in any form or manner without the prior express written consent of MKE and MKE and its Representatives accepts no liability whatsoever for the actions of third parties in this respect. This report is not directed to or intended for distribution to or use by any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. This report is for distribution only under such circumstances as may be permitted by applicable law. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. Without prejudice to the foregoing, the reader is to note that additional disclaimers, warnings or qualifications may apply based on geographical location of the person or entity receiving this report. Malaysia Opinions or recommendations contained herein are in the form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from Bursa Malaysia Securities Berhad in the equity analysis. Singapore This report has been produced as of the date hereof and the information herein may be subject to change. Maybank Kim Eng Research Pte. Ltd. (“Maybank KERPL”) in Singapore has no obligation to update such information for any recipient. For distribution in Singapore, recipients of this report are to contact Maybank KERPL in Singapore in respect of any matters arising from, or in connection with, this report. If the recipient of this report is not an accredited investor, expert investor or institutional investor (as defined under Section 4A of the Singapore Securities and Futures Act), Maybank KERPL shall be legally liable for the contents of this report, with such liability being limited to the extent (if any) as permitted by law. Thailand The disclosure of the survey result of the Thai Institute of Directors Association (“IOD”) regarding corporate governance is made pursuant to the policy of the Office of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailand and the market for Alternative Investment disclosed to the public and able to be accessed by a general public investor. The result, therefore, is from the perspective of a third party. It is not an evaluation of operation and is not based on inside information.The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey may be changed after that date. Maybank Kim Eng Securities (Thailand) Public Company Limited (“MBKET”) does not confirm nor certify the accuracy of such survey result. Except as specifically permitted, no part of this presentation may be reproduced or distributed in any manner without the prior written permission of MBKET. MBKET accepts no liability whatsoever for the actions of third parties in this respect. US This research report prepared by MKE is distributed in the United States (“US”) to Major US Institutional Investors (as defined in Rule 15a-6 under the Securities Exchange Act of 1934, as amended) only by Maybank Kim Eng Securities USA Inc (“Maybank KESUSA”), a broker-dealer registered in the US (registered under Section 15 of the Securities Exchange Act of 1934, as amended). All responsibility for the distribution of this report by Maybank KESUSA in the US shall be borne by Maybank KESUSA. All resulting transactions by a US person or entity should be effected through a registered broker-dealer in the US. This report is not directed at you if MKE is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you. You should satisfy yourself before reading it that Maybank KESUSA is permitted to provide research material concerning investments to you under relevant legislation and regulations. UK This document is being distributed by Maybank Kim Eng Securities (London) Ltd (“Maybank KESL”) which is authorized and regulated, by the Financial Services Authority and is for Informational Purposes only. This document is not intended for distribution to anyone defined as a Retail Client under the Financial Services and Markets Act 2000 within the UK. Any inclusion of a third party link is for the recipients convenience only, and that the firm does not take any responsibility for its comments or accuracy, and that access to such links is at the individuals own risk. Nothing in this report should be considered as constituting legal, accounting or tax advice, and that for accurate guidance recipients should consult with their own independent tax advisers.

14 October 2013 Page 12 of 14 Del Monte Pacific

DISCLOSURES Legal Entities Disclosures Malaysia: This report is issued and distributed in Malaysia by Maybank Investment Bank Berhad (15938-H) which is a Participating Organization of Bursa Malaysia Berhad and a holder of Capital Markets and Services License issued by the Securities Commission in Malaysia. Singapore: This material is issued and distributed in Singapore by Maybank KERPL (Co. Reg No 197201256N) which is regulated by the Monetary Authority of Singapore. Indonesia: PT Kim Eng Securities (“PTKES”) (Reg. No. KEP-251/PM/1992) is a member of the Indonesia Stock Exchange and is regulated by the BAPEPAM LK. Thailand: MBKET (Reg. No.0107545000314) is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission. Philippines: Maybank ATRKES (Reg. No.01-2004-00019) is a member of the Philippines Stock Exchange and is regulated by the Securities and Exchange Commission. Vietnam: Maybank Kim Eng Securities JSC (License Number: 71/UBCK-GP) is licensed under the State Securities Commission of Vietnam.Hong Kong: KESHK (Central Entity No AAD284) is regulated by the Securities and Futures Commission. India: Kim Eng Securities India Private Limited (“KESI”) is a participant of the National Stock Exchange of India Limited (Reg No: INF/INB 231452435) and the Bombay Stock Exchange (Reg. No. INF/INB 011452431) and is regulated by Securities and Exchange Board of India. KESI is also registered with SEBI as Category 1 Merchant Banker (Reg. No. INM 000011708) US: Maybank KESUSA is a member of/ and is authorized and regulated by the FINRA – Broker ID 27861. UK: Maybank KESL (Reg No 2377538) is authorized and regulated by the Financial Services Authority.

Disclosure of Interest Malaysia: MKE and its Representatives may from time to time have positions or be materially interested in the securities referred to herein and may further act as market maker or may have assumed an underwriting commitment or deal with such securities and may also perform or seek to perform investment banking services, advisory and other services for or relating to those companies. Singapore: As of 16 October 2013, Maybank KERPL and the covering analyst do not have any interest in any companies recommended in this research report. Thailand: MBKET may have a business relationship with or may possibly be an issuer of derivative warrants on the securities /companies mentioned in the research report. Therefore, Investors should exercise their own judgment before making any investment decisions. MBKET, its associates, directors, connected parties and/or employees may from time to time have interests and/or underwriting commitments in the securities mentioned in this report. Hong Kong: KESHK may have financial interests in relation to an issuer or a new listing applicant referred to as defined by the requirements under Paragraph 16.5(a) of the Hong Kong Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission. As of 16 October 2013, KESHK and the authoring analyst do not have any interest in any companies recommended in this research report. MKE may have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market in issues of, any or all of the entities mentioned in this report or may be providing, or have provided within the previous 12 months, significant advice or investment services in relation to the investment concerned or a related investment and may receive compensation for the services provided from the companies covered in this report.

OTHERS Analyst Certification of Independence The views expressed in this research report accurately reflect the analyst’s personal views about any and all of the subject securities or issuers; and no part of the research analyst’s compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.

Reminder Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial and political factors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality of any issuer or reference issuer. Any investor interested in purchasing a structured product should conduct its own analysis of the product and consult with its own professional advisers as to the risks involved in making such a purchase.

No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior consent of MKE.

Ong Seng Yeow | Executive Director, Maybank Kim Eng Research

Definition of Ratings Maybank Kim Eng Research uses the following rating system: BUY Return is expected to be above 10% in the next 12 months (excluding dividends) HOLD Return is expected to be between - 10% to +10% in the next 12 months (excluding dividends) SELL Return is expected to be below -10% in the next 12 months (excluding dividends) Applicability of Ratings The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment ratings as we do not actively follow developments in these companies. Some common terms abbreviated in this report (where they appear): Adex = Advertising Expenditure FCF = Free Cashflow PE = Price Earnings BV = Book Value FV = Fair Value PEG = PE Ratio To Growth CAGR = Compounded Annual Growth Rate FY = Financial Year PER = PE Ratio Capex = Capital Expenditure FYE = Financial Year End QoQ = Quarter-On-Quarter CY = Calendar Year MoM = Month-On-Month ROA = Return On Asset DCF = Discounted Cashflow NAV = Net Asset Value ROE = Return On Equity DPS = Dividend Per Share NTA = Net Tangible Asset ROSF = Return On Shareholders’ Funds EBIT = Earnings Before Interest And Tax P = Price WACC = Weighted Average Cost Of Capital EBITDA = EBIT, Depreciation And Amortisation P.A. = Per Annum YoY = Year-On-Year EPS = Earnings Per Share PAT = Profit After Tax YTD = Year-To-Date EV = Enterprise Value PBT = Profit Before Tax

14 October 2013 Page 13 of 14 Del Monte Pacific

 Malaysia  Singapore  London  New York Maybank Investment Bank Berhad Maybank Kim Eng Securities Pte Ltd Maybank Kim Eng Securities Maybank Kim Eng Securities (A Participating Organisation of Maybank Kim Eng Research Pte Ltd (London) Ltd USA Inc Bursa Malaysia Securities Berhad) 9 Temasek Boulevard 6/F, 20 St. Dunstan’s Hill 777 Third Avenue, 21st Floor 33rd Floor, Menara Maybank, #39-00 Suntec Tower 2 London EC3R 8HY, UK New York, NY 10017, U.S.A. 100 Jalan Tun Perak, Singapore 038989 50050 Kuala Lumpur Tel: (44) 20 7621 9298 Tel: (212) 688 8886 Tel: (603) 2059 1888; Tel: (65) 6336 9090 Dealers’ Tel: (44) 20 7626 2828 Fax: (212) 688 3500 Fax: (603) 2078 4194 Fax: (65) 6339 6003 Fax: (44) 20 7283 6674

Stockbroking Business:  Hong Kong  Indonesia  India Level 8, Tower C, Dataran Maybank, Kim Eng Securities (HK) Ltd PT Maybank Kim Eng Securities Kim Eng Securities India Pvt Ltd No.1, Jalan Maarof Level 30, Plaza Bapindo 2nd Floor, The International 16, 59000 Kuala Lumpur Three Pacific Place, Citibank Tower 17th Floor Maharishi Karve Road, Tel: (603) 2297 8888 1 Queen’s Road East, Jl Jend. Sudirman Kav. 54-55 Churchgate Station, Fax: (603) 2282 5136 Hong Kong Jakarta 12190, Indonesia Mumbai City - 400 020, India

Tel: (852) 2268 0800 Tel: (62) 21 2557 1188 Tel: (91).22.6623.2600 Fax: (852) 2877 0104 Fax: (62) 21 2557 1189 Fax: (91).22.6623.2604

 Philippines  Thailand  Vietnam  Saudi Arabia Maybank ATR Kim Eng Securities Maybank Kim Eng Securities In association with In association with Inc. (Thailand) Public Company Maybank Kim Eng Securities JSC Anfaal Capital 17/F, Tower One & Exchange Plaza Limited 1st Floor, 255 Tran Hung Dao St. Villa 47, Tujjar Jeddah Ayala Triangle, Ayala Avenue 999/9 The Offices at Central World, District 1 Prince Mohammed bin Abdulaziz Makati City, Philippines 1200 20th - 21st Floor, Ho Chi Minh City, Vietnam Street P.O. Box 126575 Rama 1 Road Pathumwan, Jeddah 21352 Tel: (63) 2 849 8888 Bangkok 10330, Thailand Tel : (84) 844 555 888 Fax: (63) 2 848 5738 Fax : (84) 838 38 66 39 Tel: (966) 2 6068686 Tel: (66) 2 658 6817 (sales) Fax: (966) 26068787 Tel: (66) 2 658 6801 (research)

 South Asia Sales Trading  North Asia Sales Trading Kevin FOY Eddie LAU [email protected] [email protected] Tel: (65) 6336-5157 Tel: (852) 2268 0800 US Toll Free: 1-866-406-7447 US Toll Free: 1 866 598 2267 www.maybank-ke.com | www.maybank-keresearch.com

14 October 2013 Page 14 of 14